Income Tax Day (24 July) History, Significance, Theme and Observation

Income Tax Day Quick Facts

Event Name	Income Tax Day ()
Event Started	2010
Event Level	National Day
Observed by	Income tax department

Income Tax Day Brief

Every year 24 July is celebrated as Income Tax Day in India.

Income Tax Day History

Income tax was first introduced in India as a fee on July 24, 1860. Hence the department decided to celebrate this day (24 July) as Income Tax Day. The first Income Tax Day was celebrated in the year 2010. A program was also organized in the capital of India on this occasion. The event was inaugurated by Finance Minister Pranab Mukherjee. The Income Tax Department had also issued postage stamps and coins to commemorate the first Income Tax Day. Department officers are also honored on the occasion of Income Tax Day. Along with this, the Income Tax Department is also planning to release its logo on this day.

More info about Income Tax Day

What is Income Tax?

Income Tax (Income Tax) is the tax that the government takes from the income on the income of the people. Income tax is a tax that governments apply to financial income generated by all entities within their jurisdiction. By law, businesses and individuals have to file an income tax return every year to determine whether they are eligible to pay any taxes or a tax refund.

Income Tax in India:

The Government of India levies an income tax on the taxable income of individuals, Hindu Undivided Families (HUFs), companies, firms, co-operative societies and trusts (identified as individuals and groups of people) and any other artificial person.

The burden of tax is different on each individual. This levy is governed by the Indian Income Tax Act, 1961. The Income Tax Department of India is governed by the Central Board of Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance, Government of India.

Parts of Indian Income Tax:

Income tax is the tax levied on the income earned by every person in the previous year. Income tax is the most important direct tax. The Income Tax Act of India is made up of the following elements/parts-

• Income Tax Act, 1961
• Finance act
• Income tax manual
• Circular/Notification
• Legislative decision of the court